Grand Peak Properties Revives Transit-Oriented Development Project
- Aug 29, 2012
Grand Peaks Properties is set to revive a transit-oriented development project in northern Douglas County, Our Colorado News reports. Paul Herskowitz, senior vice president of Grand Peak Properties, said construction of the project was set to begin in 2008 but, due to the economic crisis—which took its toll on the housing and employment markets, the project was delayed. As the rental market improved and higher-paid jobs emerged, the company decided to revive their plans.
Located south of County Line Road and east of South Valley Highway, the 8-acre site is adjacent to the County Line Road Park-n-Ride and close to the light rail station near Park Meadows Mall. The site is zoned for commercial use, but multifamily residential projects can be permitted by special review. The Douglas County Planning Commission approved Grand Peak’s use-by-special-review application and is scheduled to decide upon final approval of the project.
Designed by KTGY, the plan calls for the construction of a four-building, 267-unit apartment complex. The four-story buildings will feature one-, two- and three-bedroom apartments with tuck-under parking, reducing the project’s overall footprint. The development will feature a rooftop clubroom and an outdoor community deck. Approximately 1,500 square feet of commercial space will be featured on the first floor of one of the buildings.
If approved by the county commissioners, an estimated $24 million will go into construction work next month. The development is scheduled to be fully completed in March 2014, although the first occupants could move in as early as September 2013.
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Rendering Courtesy of: www.ktgy.com